Great Ajax Corp. Commences Initial Public Offering

NEW YORK, Feb. 3, 2015 /PRNewswire/ -- Great Ajax Corp., a Maryland corporation that intends to qualify and elect to be taxed as a real estate investment trust for the year ended December 31, 2014 and that focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgage loans secured by single-family residences and, to a lesser extent, of single-family properties, announced today that it commenced the roadshow for its initial public offering. The offering is for 5,385,000 shares of common stock.  Great Ajax is offering 4,375,000 shares of common stock and the selling stockholders are offering 1,460,000 shares of common stock.  Great Ajax and one selling stockholder have also granted the underwriters an option to acquire up to an aggregate of 875,250 additional shares of our common stock, of which Great Ajax would sell up to 834,917 shares of our common stock, to cover over-allotments, if any.  The initial public offering price is currently expected to be between $15.00 and $17.00 per share.  Great Ajax has been approved to list its common stock on the New York Stock Exchange under the symbol "AJX," subject to official notice of issuance.

Great Ajax expects to use the net proceeds of the offering to acquire additional mortgage loans and mortgage-related assets and for general corporate purposes.

FBR Capital Markets & Co. is acting as lead book-running manager for the proposed offering. Sterne, Agee & Leach, Inc. and Nomura Securities International, Inc. are acting as joint book-running managers and Ladenburg Thalmann & Co. Inc. and MLV&Co. LLC are acting as co-managers.

The offering will be made only by means of a prospectus.  A copy of the preliminary prospectus for the offering may be obtained by contacting FBR Capital Markets & Co., Prospectus Department, 1300 North 17th Street, Suite 1400, Arlington, Virginia 22209, (703) 312-9726 or [email protected].

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state or jurisdiction.

About Great Ajax Corp.

Great Ajax Corp. is a Maryland corporation that focuses primarily on acquiring, investing in and managing mortgage loans secured by single-family residences and, to a lesser extent, single-family properties themselves.  We also invest in loans secured by multi-family residential and smaller commercial mixed use retail/residential properties, as well as in the properties directly.  We are externally managed by Thetis Asset Management LLC, a recently formed Aspen Capital-affiliated entity.  Our mortgage loans and other real estate assets are serviced by Gregory Funding LLC, an Aspen Capital-affiliated entity.  We expect to qualify and elect to be taxed as a real estate investment trust under the Internal Revenue Code for the year ended December 31, 2014.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements with regard to Great Ajax's proposed securities offering.  Words such as "believes," "intends," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements.  These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed securities offering discussed above will be consummated on the terms described or at all.  Completion of the proposed securities offering and the terms thereof are subject to numerous factors, many of which are beyond the control of Great Ajax, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in Great Ajax's registration statement on Form S-11 filed with the U.S. Securities and Exchange Commission.  Great Ajax undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

SOURCE Great Ajax Corp.